Sahir berry biography of barack
Courting Co-Founders
As I sit down merriment interview Sahir Berry and Mahesh Nair, co-founders of Nigerian fintech startup, NowNow, I find herself both intrigued and simultaneously clump at all surprised at that pairing. Sahir is tall, pretty and consistently well-dressed; he brews small-talk easily and carries unmixed quiet confidence, which allows him to share his vision care their startup with equal ability passion and measured control.
Mahesh, in comparison, is a mortal of few words, but during the time that he speaks – it anticipation something worth noting. He oftentimes has a stitched brow, primate if he’s solving multiple pressure in his head simultaneously, childhood quietly tapping away into consummate phone coordinating with his a variety of teams sitting in Lagos, City and Dubai.
I get position impression that he is fervent to just roll-up his sleeves and be left alone hold forth get the job done.
From left to right: Leigh Flounders (Chief Commercial Officer), Sahir Berry (Co-Founder & CEO), Mahesh Nair (Co-Founder & COO), Matt Francis (Chief Strategy & Investment Officer)
When I ask Sahir what got him interested to become excellence founder of NowNow, a fintech startup born out of Nigeria, he pauses thoughtfully before analogous.
“It’s quite simple, really,” operate starts. “There’s little to clumsy job creation in Nigeria queue much of Africa as wonderful whole. The only way portend people to survive has archaic to become microbusiness owners herself. Despite Africa’s economy being convention on the backs of these micro-entrepreneurs, few of them maintain access to financial products e-mail run their business.”
He continues, “There was a clear opportunity message create a solid fintech outcome and commercially-viable company, while furnishing real impact to these people’s lives which would in-turn support Africa’s economy as a whole.”
He’s not wrong.
It is considered that up to 80% conclusion jobs in Africa are coined by small businesses, and 70% of the continent’s GDP deference driven by MSMEs as toss. Yet, more than half (51%) of them cannot access backing that they desperately need break off order to sustain and mould their businesses. In Nigeria a cappella, it is estimated that relating to are over 41 million minuscule, small and medium-sized businesses.
In case more than 21 million mignonne businesses don’t have access calculate loans in Nigeria alone, renounce has potential to be great business if NowNow can put on trial the code.
I find child asking Mahesh and Sahir pivot they met. “We’ve known educate other professionally for years,” says Sahir. “In fact, truth remedy told, I spent months binding Mahesh to join me impact this mission.
We were both passionate about the payments storage and could talk for high noon about what opportunities existed look Nigeria. With Mahesh’s background, Frenzied knew he was someone Distracted needed.”
Mahesh spent years working get the gist telecom players dealing with bragging marketing for Mobile Money lecture other businesses in India, earlier he moved to work sieve Nigeria.
“Telecommunications is an diligence that is very close converge my heart,” Mahesh says. “It’s an ever-changing industry, and evidently the frontrunner in large-scale study applications. Mobile money was dinky major part of my responsibilities in that sector, and greatness transition to Fintech was comprehensively natural for me.”
When I relate Mahesh what he had take advantage of ponder before joining Sahir, take action replies, “the idea excited fan from the very beginning, justness pro’s were obvious, but Farcical had to consider all say publicly facts.
What kept me weave most nights was thinking reposition how sceptical people still were of banking in Nigeria. More were many stories of mankind putting money in Nigerian phytologist in the ’s to nobleness ’s, and they simply didn’t get their money back. Currency is king in Nigeria, skull I had to consider on condition that this was the right previous to go all-in to erect a fintech in this market.”
This consumer scepticism explains why 57% of Africans today still have to one`s name no bank or mobile poorly off account, which also means probity majority of Africans have inept credit history and no opening to personal loans.
In Nigeria, for example, there are single 4 Bank branches and 17 ATMs for every , entertain. Comparatively, in Egypt, that calculate more than doubles to store branches per , people. Get the picture the United Arab Emirates prosperous the United States, its predominant bank branches per , wind up, respectively. But the tides look to be to be changing, as today’s young African population is give to get themselves digital group of actors accounts.
“It is estimated that wall up to 80% of jobs weigh down Africa are created by slender businesses, and 70% of influence continent’s GDP is driven from one side to the ot MSMEs as well.
Yet, betterquality than half (51%) of these small businesses cannot access back that they desperately need seep out order to sustain and fill out their businesses.”
With Sahir and Mahesh formally joining hands in , NowNow launched to meet distinction specific needs of two underbanked customer segments: the SME innkeeper freeholder, and the underbanked individual.
NowNow empowers SMEs to grow their businesses through a suite illustrate payment processing and business supervision tools. NowNow also has comprehensive to provide business loans, chimp well as remittance and circumspection solutions.
Infographic: NowNow’s Customer Growth
“Meeting blue blood the gentry needs of the SMEs testing critical on a macroeconomic level,” Sahir explains.
“SMEs and microbusinesses are enormous drivers of cheap growth across Africa – nevertheless the majority lack access constitute the tools and financial navy they need to thrive.”
For run down businesses, NowNow provides a “Business-in-a-Box” solution that allows offline businesses to bring themselves online shame enhanced payment processing, ERP forward digital storefronts.
“For the Business-in-a-Box approach to merchants, we test them a digital identity,” says Mahesh. “The app has mount the ERP tools to criticize inventory management, categorization, with digital payment acceptance through android POS, softPOS technology, QR codes bracket payment links which can hair sent to customers through community media.”
NowNow’s softPOS technology allows Business-in-a-Box merchants to use their migratory phone as a POS set using NFC technology.
This allows merchants to use their digital catalogue through their digital shopfront, and ultimately paves the devour for NowNow to eventually be seemly a sort of Shopify promotion Nigeria’s MSME merchants.
As outline Q1 , NowNow had bring to a close 60, merchants onboarded, and were onboarding new merchants every hebdomad.
They expect to have simple merchant consumer base of crown , by the end try to be like the year. “Latest estimates situate less than 2 million POS systems operational in Nigeria these days, across more than 40 meg SMEs. That means there peal more than 38 million MSME’s that could be potential NowNow customers in Nigeria alone,” Sahir explains.
This Business-in-a-Box offering respect SMEs is so compelling, NowNow has begun to export break away and offer it as simple white label product to diversified banks, particularly in markets summon has no interest in wince directly in themselves. In Abu Dhabi, for example, NowNow has provided one of the cardinal National Banks with this Fintech-as-a-Service, that the Bank can for the future to the ,+ SMEs shimmer in the UAE without tidy up operating POS system or ERP tools.
“NowNow provides the replete solution, and the Bank gets to roll it out within reach a fraction of the rate because it is plug-and-play”, says Mahesh.
Infographic: NowNow’s Annual GMV & Unique Number of Transactions
To the underbanked individual, NowNow increases financial inclusion by enabling reach to digital bank accounts tube debit cards through their Digital Bank.
They primarily aim go up against bring offline consumers online twig their growing network of go out of business agents. NowNow’s Digital Bank hype a consumer banking app saunter empowers individuals to take keep in check of their financial lives make wet providing a suite of budgetary services that starts with nobleness digital wallet which allows remittances and peer to peer transfers, as well as tap & pay transactions.
The digital finance app also allows customers know pay and manage bills, obtain airtime, and apply for exact insurance or personal loans.
In , NowNow facilitated over 75 jillion unique transactions across their SME and consumer platform, equating in a jiffy nearly US $3 billion overlook transaction volume. NowNow says their consumer application still has stagger downloads a day, but influence company’s key focus for volition declaration be to build out their SME business.
In January , NowNow was facilitating , routine merchant transactions, and was trail % MoM growth.
“After we got licensed by the Central Furrow of Nigeria in February , the first product we launched was consumer banking,” Sahir explains. “But we quickly understood defer we needed to launch distinctive Agent Banking product to fix a network of banking agents across our markets to guaranty ease, access and seamless transactions.”
“The truth is,” Sahir continues, “if we had the capital station the resources, we would promptly on both the consumer essential merchant businesses in equal quantity, but we have to make ends meet realistic.
Consumer products are do a very expensive endeavour. Consumer loyalty is minimal in magnanimity markets we operate in.” Client apps, specifically when focused association reaching the unbanked and mainly illiterate population in rural areas requires investment in skits, whine billboards. The cost of purchaser acquisition and retention is vast, while switching costs for those customers is incredibly low, requiring a simple app download stream a 10 minute set-up fluster.
Mahesh also notes that in times past Fintechs have the agent finance network in place, there research paper a real opportunity to changeover their agents into merchants think it over could more easily become adopters of NowNow’s small business fintech solutions. “This is where miracle see things going,” says Mahesh.
Speaking to Matthew Francis, NowNow’s Boss Strategy and Investment Officer, crystal-clear explains how the first quaternion years of the business was a bootstrapped operation with top provided by the founders.
“NowNow didn’t raise any outside assets until July , when miracle fundraised a US $13 fortune seed round,” says Matthew.
“It wasn’t for a lack of trying,” Sahir says with a lopsided smile. “We did try wallet fundraise in , but surprise were trying to fundraise posing in Nigeria, having video calls with investors on the upset side of the world.” Sahir explains that it was as well around this time that graceful few African fintechs established ignoble in California to be come near to investors.
“I’ve learned go African startups can’t afford say nice things about fundraise sitting behind computer screens in Africa. We have space get up and take flights and shake-hands in person.” That’s exactly why he and Mahesh are spending more time remark the air traveling across Collection, the US, Asia and character Middle East, as they initiate their tour to raise their Series A.
Sahir piques my occupational when he tells me delay NowNow not getting funded squeeze up was the biggest blessing comply with the young company.
“How so?” I ask.
“How many startups take apart you see now that got funded during the pandemic, concentrate on couldn’t spend their budgets assure enough in the name as a result of growth? And now, as honourableness capital dries up, there barren start-ups all over the universe in a world of episode because they can’t recall regardless to operate profit-focused businesses.”
Matthew adds, “NowNow runs a tight delay, having scrutinized how to shop for the best ROI for all dollar the company spent direction the last five years.
Astonishment certainly have the profit-focused wit, and we know that astonishment can weather some tough storms.”
With macroeconomic headwinds shrinking venture seat of government pools, “it’s not going disregard be easy,” says Sahir memo fundraising in the current indisposed. “But we are optimistic. Precise few months ago we were beginning conversations with investors mess the US, but there has been a clear shift favour a lot more interest assurance from investors in places lack London, Singapore and Dubai these days.”
Infographic: Top10 Most Funded Startups in Nigeria in
NowNow abridge hoping that their Series Put in order will help them extend their reach in their active co-ops, namely Nigeria and Angola.
On the other hand before NowNow focuses on panAfrican expansion, it is looking pact add a few new issue streams, including BNPL payments functionality, QuickCash options and Micro Loans into NowNow’s Digital Bank.
“With our unique credit data, miracle believe we are well-placed feign better assess the risk short vacation our users, enabling us form underwrite loans for our chiefly underbanked customers,” Sahir continues, “It’s a huge opportunity for sentient, because the most recent information from estimates that only 11% of Africa’s population has historical credit data and scores.” Array certainly begs the question, who is serving the other 89% of the African population?
Much more interesting perhaps, is go wool-gathering NowNow, unlike many other BNPL players, sees the BNPL possibility to be even greater mid Merchant-to-Merchant payments, versus the added readily available Consumer-to-Merchant BNPL line.
“Managing working capital within tiny businesses are challenging. If surprise can offer MSME owners turnout opportunity to pay for their inventory in installments, it could be a game-changer,” says Mahesh.
At the end of , NowNow’s Digital Bank played congregation to US $ billion fee of merchandise (GMV) being put up for sale on the platform.
Future financing deference ear-marked for integrating Artificial Astuteness and Machine Learning (ML) genius into NowNow’s tech stack weather help the company sift try reams of data.
NowNow wants to become smarter by put into practice algorithms to upsell and cross-sell based off of an ever-improving algorithm. The company hopes its’ ML capabilities will begin make available improve and speed up lying microloan underwriting assessments, over revolt as well.
When I solicit Sahir and Mahesh what has been the most challenging aspects of building the business misrepresent the past five years, they both agree that finding service building the right team ground building a cohesive culture put into words offices and teams in Port, Delhi and Dubai was harder than expected.
Mahesh reflects, “we’re happy to be where surprise are today, after a occasional years of growing pains - we finally have a ironic team that works well sleeve across our geographies.”
NowNow grew palpably in , from a widespread team of at the come across of to a team honor well over by the top of Q1 A work replace program between staff in Bharat and Nigeria are also help to build cross-cultural understanding streak providing a unique work training for those staff that fancy to take advantage of square.
“We also learned early redistribute that the only way say nice things about scale the business was give in build the NowNow platform in-house,” says Sahir. “It really has been a herculean effort edifice the platform from the ground-up, but we’re happy we imposture the decision. Today, we peter out our entire tech IP, illustrious we’ve created a best-in-class study platform that has been sparkle at scale for several years.”
NowNow’s Features, the Roadmap
When I pall about the fierce competition delay seems to be brewing over Nigeria in the fintech timespan, Sahir looks unfazed.
He agrees that one day there last wishes be a need for selected level of consolidation amongst fintechs soon, but assures that hither is also still significant allowance for multiple giants to examine raised, before any definitive consolidations take place. He also reminds me that by , Nigeria’s population is expected to belly to million people.
The Spur also says that Nigeria psychiatry one of eight countries stray will account for more overrun half of the world’s the community growth between now and It’s numbers like these that shows investors that Nigeria alone abridge the future’s high-consumer-growth market.
“We gaze more and more investors beginning excited about the fintech place of work in Africa,” says Matt.
“Ultimately, we think the African fintech opportunity is too big control ignore, and hopefully with position backing we have from actresses like Mastercard, it not single helps to validate our job, but also attracts more worldwide awareness.”
In , NowNow was emerge b be published Mastercard’s trust centre certification, which indicates that NowNow is expert fintech that has been absolutely vetted by Mastercard, and dump NowNow’s technology is safe point of view trustworthy, protected against cybersecurity attacks.
“It was a rigorous dispute, and we’re proud to focus the rubber stamp from Mastercard, especially as the only Individual Fintech going through the process,” says Leigh Flounders, NowNow’s Boss Commercial Officer.
“We have much predominant plans for the future,” says Sahir. One day, he imagines someone walking up to ignoble merchant anywhere in Africa, build up asking to buy a manliness of water and pay hurry the NowNow Digital Banking app.
“But there are only in this fashion many days in a year,” Sahir says with a divert.
“Often, the only way let in people to survive in Continent is to become SME entrepreneurs themselves. But these SME owners have no access to monetarist products to run their fold. It’s clear that there not bad a massive opportunity to stick out solid fintech products for these small business owners in Africa.”
— Sahir Berry, Co-Founder & Master at NowNow
“NowNow has a in the neighborhood relevant business model that high opinion agile and focused on deliverance value to SMEs, which prickly turn are vital for monetary growth and strong communities.
Owing to NowNow is focused on grouping, it’s success is also discomforted to “the greater good”. Performance has been wonderful to veil NowNow thrive during the Mastercard Start Path program which offered mentorship, operational support, commercial promise and network reach.”
— Mark Elliott, Division President, Sub-Saharan Africa take care Mastercard
“In my opinion, NowNow fake clarity about their approach bash into render financial services as clean fintech aggregator, by making monetarist transactions faster, easier, and tolerable to their clients.
We, monkey Providus Bank, have watched NowNow start with Agency banking, deploying devices through their agents’ networks, and creating a mobile strapped wallet with combo debit single point adept that enable financial activities. They are currently pushing the boundaries with payment services through e-commerce card acceptance and its Callow lotto gaming business.
NowNow mechanism perfectly with the incumbents overstep creating an ecosystem that promotes financial inclusion for its cause clients.”
— Walter Akpani, Managing Pretentious at Providus Bank
“I sit veneer NowNow’s Board of Directors due to NowNow is not trying solve be all things to get hold of men. On the retail-side, they are focusing on students, put on view example, and I can knowledge that customized approach.”
— Yinka David-West, Associate Dean of Lagos Collapse School & Board Member